Payments involve transfer of money in exchange for services rendered. There are number ways merchants can collect payment from clients. Choosing the right payment method is essential for any company to stay ahead of competition. You have the option to collect payment through traditional methods or through online ways. The PrintBoss online alternative, Onlinecheckwriter.com- Powered by Zil Money facilitates both types of payments, ensuring uninterrupted operations for trucking companies.
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The following are some of the widely used payment options.
Checks
Though digitization is on rise, checks are still preferred by many businesses. The 2022 AFP Digital Payments Survey revealed that 33% of business-to-business transactions in the U.S. and Canada are still done using checks.
ACH
ACH transfer involves electronically moving money between two financial institutions through automated clearing house network. These payments are regulated by National Automated Clearing House (NACHA).
eChecks
Electronic check is a digital payment option that functions similarly to traditional paper checks. In the United States, eChecks are processed by the Automated Clearing House (ACH) merchant network.
In 2021, the contemporary ACH Network saw substantial expansion, recording 29.1 billion transactions worth $72.6 trillion, and the volume of Same Day ACH transactions surged by nearly 74%, according to the latest data from Nacha.
The total volume of ACH Network transactions increased by 8.7%, or 2.3 billion, from the previous year, indicating the seventh year in a row that transaction volume has grown by at least 1 billion. Additionally, the value of these transactions climbed by 17.4%, or $10.8 trillion, setting a new record for the ninth year in a row with a payment value increase of at least $1 trillion.
Wire Transfer
This method is commonly used for time-sensitive, high-value transactions, most of which are international. In the US, the Federal Reserve oversees the network that financial institutions utilize for the exchange of money through wire transfers.
How Trucking Companies Benefit from the Cloud-Based Platform
OnlineCheckWriter.com – Powered by Zil Money equips trucking companies with various features to simplify their financial operations. Various options like instant check printing, ACH transfers, and customizable payment links allow trucking enterprises to settle payments to drivers and suppliers swiftly.
The Positive Pay feature adds security by blocking unauthorized transactions, while the integration with accounting software and numerous banks makes managing accounts easier.
Print Checks on the Move
Trucking businesses often have to make payments for various purposes like covering fuel expenses, upkeep, and various other costs. OnlineCheckWriter.com – Powered by Zil Money allows to print checks from anywhere on blank check paper using a regular printer. Thanks to check 21 Act, you can use any printer to print checks. Printing checks on blank check paper reduces the check printing cost by 80%. With the cloud-based platform, you can swiftly provide checks to drivers and suppliers preventing any further hold ups.
Check Customization
Instead of waiting for pre-printed checks to arrive you can easily customize and print checks with the check printing software. The drag-and-drop design feature from the platform allows to easily personalize checks by adding preferred background images, logos, and font styles. Efficient customization makes your checks appear professional.
Improving Security
The transportation sector is also vulnerable to financial scams as they have to handle large volumes of payments. OnlineCheckWriter.com – Powered by Zil Money’s Positive Pay feature reduces this risk by letting companies approve checks before they are cashed. This ensures that only legitimate transactions are processed, safeguarding the company’s assets and blocking suspicious activities.
Ease of Conducting Payments
Trucking businesses frequently interact with numerous suppliers and subcontractors. OnlineCheckWriter.com – Powered by Zil Money provides various payment options like ACH, eChecks and more.
The cloud-based platform supports both ACH and wire transfer at an affordable rate. The recurring ACH feature helps to collect payments from clients before due date. The same-day ACH transactions offer a quick and effective way to make payments, enabling real-time transactions. The wire transfer from the cloud-based platform allows you to send money both within the country and abroad quickly.
Credit Card Transactions
Many companies frequently struggle with vendors who refuse credit card payments because of high fees. With OnlineCheckWriter.com – Powered by Zil Money, businesses can pay vendors with a credit card, even if the vendor doesn’t accept them. There are no transaction fees for the payee, making it easy to pay while still earning credit card rewards.
Payment Links
OnlineCheckWriter.com – Powered by Zil Money empowers trucking firms to make and accept payments quickly using adaptable payment links. Trucking enterprises can easily create payment links and share them with customers, suppliers, or drivers through email or text messages. Payment links make it easier to collect money for services like deliveries, fuel, or other services, reducing delays and ensuring timely payments. Through the platform, trucking businesses can handle all their payment needs from one single location.
Ensuring payments are handled quickly is crucial for the efficient operation of any business. Selecting the appropriate payment methods and service providers significantly impacts this. The cloud-based platform stands out as the ideal option for any business dealing with the intricacies of the payment process. With a variety of payment options available, the platform is the preferred choice.
